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New York Fed Names Timothy F. Geithner President

October 15, 2003

NEW YORK - Timothy F. Geithner was named today to serve as President and CEO of the Federal Reserve Bank of New York. His appointment by the New York Fed's Board of Directors was approved by the Federal Reserve Board of Governors and announced by Mr. Peter Peterson, chair of the New York Fed's Board of Directors and of the search committee that selected Mr. Geithner.

Mr. Geithner is expected to assume his duties in mid-November.

Mr. Geithner, 42, currently is the director of the Policy Development and Review Department in the International Monetary Fund of Washington DC. His department plays a central role in the design and implementation of Fund policies and in the review of its financial programs and assessments of member economies. He joined the IMF in September, 2001.

Mr. Geithner served as Under Secretary of the Treasury for International Affairs from 1998 to 2001 under Secretaries Robert Rubin and Lawrence Summers, where he was a principal adviser and member of the executive branch's senior team.

"I'm honored to be selected for this post and to work with an institution that is central to domestic and global financial stability," said Mr. Geithner.

"I'm pleased Tim Geithner will be at the helm; he'll do a great job," Mr. Peterson said. "He has done an outstanding job at Treasury and the IMF and is admirably equipped to confront the unique domestic and international challenges that will face our financial system over the coming years."

Mr. Geithner will succeed William J. McDonough, who served as the bank's president from July 1993 until he stepped down in June of this year to assume the post of chairman of the Public Company Accounting Oversight Board in Washington, DC. Jamie B. Stewart, the New York Fed's first vice president, has assumed on an interim basis the duties of president since Mr. McDonough's departure.

Mr. Peterson was assisted in the search by an outside advisory committee with ties to the New York Fed: Ann Fudge, Ellen Futter, Maurice R. Greenberg, Walter Shipley, Paul Volcker, John Whitehead and Robert Wilmers. Search committee members, all current members of the New York Fed's Board, are: Jill Considine, Loretta Lynch, John Sexton, Jerry Speyer and Charles Wait.

Mr. Peterson also was advised by Robert Rubin, E. Gerald Corrigan, Lawrence Summers, and Fred Bergsten. He also was assisted by Tom Neff, Chairman US of Spencer Stuart.